Acibadem Healthcare Group is Looking for Buyer of its Assets in Bulgaria
Acibadem Healthcare Group is looking for buyer of its assets in Bulgaria. A little more than two years after entering Bulgaria, the Turkish healthcare group is withdrawing from the country. Acibadem accepts offers for the hospitals it owns. These are the former Tokuda Hospital in Sofia and City Clinic in Burgas and Varna, as well as some medicine units. The decision of the sale of Bulgarian assets is linked with the need of fresh funds of its owner.
Acibadem Healthcare Group is part of the IHH investment fund, which has recently experienced serious financial difficulties. In mid-September stock of the fund fell to its lowest level in the past 43 months due to the collapse of Turkish lira.
IHH plans to convert its debt, cut costs and sell assets. The sale of the company’s assets in Bulgaria is entrusted to Raiffeisen Investment.
For the years 2016 and 2017, the total loss of Acibadem City Clinic is over 24 million BGN (12.27 million EUR). The main part of the loses (about 16 million BGN) are generated in the first year of operations. In 2017, the loss of the company decreases almost twice to 8 billion BGN. Meanwhile, the revenues of Acibadem City Clinic are increasing seriously, as in 2016 there were 53 million BGN and in 2017 reached 123 million BGN.
Just over two years ago, Acibadem announced the acquisition of Tokuda Hospital in Sofia from Tokuda Group, as well as the merger with the healthcare facilities of the City Clinic Group.
Tokuda is one of the largest hospitals in Bulgaria, serving an average of 274,000 patients in the year. The largest diagnosis and consulting center in Bulgaria is working on its territory, as well.
The City Clinic chain brings together 3 hospitals and 3 medical centers in Sofia, Varna and Burgas and extends its activity with the opening of two new centers – oncological and for the treatment of cardiovascular diseases.
With the acquisition for total of 125 million EUR and the merger of the two hospital giants, Acibadem has become the largest private provider of health services in Bulgaria.
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